The S&P/ASX 200 slipped 0.3% to around 8,500 in early Friday trade, extending the previous session’s sharp 1.7% decline and marking a fresh four-month low, as miners remained under pressure from softer commodity prices. The benchmark index is also on track for a third consecutive weekly loss, with surging energy prices linked to the Middle East conflict stoking inflation fears and heightening the risk of further tightening by the Reserve Bank of Australia.
Market expectations for policy remain divided: while some investors see the possibility of another rate hike as early as May, a move by August is now fully priced in.
The heavyweight mining sector fell nearly 3% to its weakest level since December 2025, with BHP Group down 2.5% and Rio Tinto off 3.7%. Gold miners also retreated, dropping 3.3% to a four-month low, led by a 4.5% slide in Newmont. The energy sub-index eased 0.2%, suggesting mild profit-taking after recent gains.
In contrast, financials outperformed, with the “Big Four” banks all trading in positive territory.
